![\"20251201_100556\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/12\/20251201_100556.jpg\")
\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/p>\n
Members of the state Gaming Facility Location Board (left to right): Greg Reimers, Terryl Brown, Vicki L. Been, Marion Phillips, III and Cindy Estrada.\n<\/p>\n
Photo by Emily Swanson <\/p>\n
On Dec. 1, the state Gaming Facility Location Board (GFLB) announced its recommendation of all three New York City-area casino applicants for final approval: Bally\u2019s Bronx, and Hard Rock Metropolitan Park and Resorts World, both in Queens. The state licensing board now has final say, expected later this month.\u00a0<\/p>\n
At a public meeting at the CUNY Graduate Center in midtown, the five-member board, chaired by former Deputy Mayor for Housing and Economic Development Vicki L. Been, explained its careful evaluation of each project\u2019s estimated economic impact, local impact and workforce contributions.<\/p>\n
The board also visited<\/a> each of the three sites on Nov. 17 for a firsthand look at how each casino complex would be situated in its respective neighborhood.\u00a0<\/p>\n Now, with the board\u2019s approval, Bally\u2019s is just one step away from building a $4 billion complex that includes a casino, 500-room hotel, retail, spa, food hall, rooftop bar and entertainment venue on the site of the former Trump Corporation-owned golf course<\/a> inside Ferry Point Park.<\/p>\n Applicants in the audience, including Bally\u2019s Chair Soo Kim, showed little reaction after the board declared the approvals. However, a group of Queens protestors broke into chants of \u201cShame on you!\u201d and went outside to continue rallying against the Metropolitan Park development in Flushing.\u00a0<\/p>\n At a press conference following the meeting, Been said the board and its consultants carefully analyzed each application and the overall market and concluded that approving all three applicants was most beneficial for the city and state.\u00a0<\/p>\n Though the board\u2019s approval is key for the bidders, final state licensure is \u201cnot a rubber stamp,\u201d Been said.\n<\/p>\n The license commission will be \u201cthorough, exacting and tough\u201d in ensuring that applicants can fulfill their promises to their respective communities, she added.\u00a0\u00a0<\/p>\n Collectively, billions of dollars are at stake among the three projects.\u00a0<\/p>\n Each company awarded a license must pay a $500 million fee, which, in Bally\u2019s case, will be funneled to the MTA.\u00a0\n<\/p>\n The three projects are expected to generate $7 billion in gaming tax revenue between 2027 to 2036, plus approximately $5.9 billion in other taxes, according to the board<\/a>. Additionally, $10.7 million annually would be allocated for problem-gambling programs throughout the state.<\/p>\n Ready to go If built, Bally\u2019s Bronx casino will be the company\u2019s largest development and the board flagged its uniqueness as a potential concern.\u00a0<\/p>\n In a final report<\/a> on the three projects, the board said Bally\u2019s most comparable development is its Chicago casino, which is now underway \u2014 but at only half the budget of the Bronx proposal.\u00a0<\/p>\n \u201cOverall, the board finds Bally\u2019s project execution record mixed, and the company will need to closely manage the construction project,\u201d the report stated. \u201cThe board also emphasizes that corporate leadership will need to prioritize the Bally\u2019s Bronx project within its broader development pipeline.\u201d<\/p>\n But in an interview following the press conference, Kim said his company was ready to deliver.\u00a0\n<\/p>\n If awarded a license, he said he believes Bally\u2019s can beat its projected completion date of mid-2030. He said he plans to build as quickly as possible, especially since a large part of the site is currently an empty parking lot.<\/p>\n Though Kim was unsure of how soon Bronxites will be able to apply for an estimated 15,000 union construction jobs, he said all the necessary pieces are in place to start work quickly. \u201cIt\u2019s a commitment by Bally\u2019s to the Bronx, and so I think you\u2019ll see us try to live to that effort.\u201d<\/p>\n In its application to the state, Kim said Bally\u2019s was \u201cquite conservative on our numbers\u201d to ensure that it would generate enough revenue to keep its promises to the Bronx, which included\u00a0reinvesting 1% in annual gross gaming revenue back into local neighborhoods and a community benefits package<\/a> valued at $765 million.<\/p>\n According to the board, consultants agreed that the company\u2019s estimates were reasonable if not low. They concluded Bally\u2019s \u201cgross gaming revenue, net revenue and operating income could exceed Bally\u2019s own estimates.\u201d<\/p>\n \u201cWe feel quite confident we\u2019ll be able to at least meet the projections that were in our application,\u201d said Kim. \u201cWe weren\u2019t trying to game it so that we looked better.\u201d\u00a0<\/p>\n If awarded a casino license, Bally\u2019s would have plenty of ready customers, including many who would not gamble but would stay at the hotel, visit the spa, eat at restaurants and attend shows, said Kim.\u00a0<\/p>\n \u201cFrom a public policy perspective, my theory is that gaming will happen even if you ban it,\u201d Kim said. \u201cBringing those activities to the surface, regulating the crap out of it, you know, taxing the crap out of it \u2014 I think it\u2019s the right public policy.\u201d<\/p>\n Having grown up in New York City, he was pleased that all three applicants made it to the final stage.\n<\/p>\n \u201cThinking that that money goes to public schools is a good thing,\u201d he said. \u201cThe more of it, the better.\u201d\u00a0\n<\/p>\n As the project awaits one final approval, Kim expressed optimism that the Bally\u2019s casino can and will deliver for the Bronx. \u201cWe have the financing and the money to get this built now.\u201d<\/p>\n Reach Emily Swanson at\u00a0eswanson@schnepsmedia.com<\/a>\u00a0or\u00a0(646) 717-0015<\/a>. For more coverage, subscribe to our\u00a0newsletter<\/a>\u00a0and follow us on\u00a0Twitter<\/a>,\u00a0Facebook<\/a>\u00a0and\u00a0Instagram<\/a>!<\/p>\n \t![\"\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/12\/DSC_8797.jpg\")
Board Chair Vicki L. Been led a press conference after the meeting.Photo by Lloyd Mitchell<\/p>\n
\n![\"\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/12\/20251201_113334-rotated.jpg\")
Bally\u2019s Chair Soo Kim addressed the media after his company was recommended for a state casino license. Photo by Emily Swanson\u00a0<\/p>\n